BOA, NIPOST Partner To Boost Credit Access In Farming Communities

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The Bank of Agriculture (BOA) yesterday signed a Memorandum of Understanding (MoU) with the Nigerian Postal Service (NIPOST) to deliver effective financial inclusion for rural farming communities across the country.

The Managing Director /Chief Executive Officer of the Bank, Kabiru Mohammed Adamu said the pact became necessary in order to build an extensive network of physical and technological driven delivery channels that would enable farming communities, value chains players and the rural economy have easy access to financial services in close proximity.

He lamented that the BoA has 140 branches and 6 zonal offices across the country- a network the Managing Director considered grossly inadequate to service its mandate given the size of the country.

The bank will benefit from NIPOST’s 1184 post offices and about 600 functioning postal agents and post shops, which are mostly located closer to rural farmers.

The Postmaster General/Chief Executive Officer of NIPOST, Barrister Adebisi Adegbuyi said the organization was ready to partner with relevant agencies to extend services to millions of Nigerians in order to boost rural economy.